Robert Reich: Recession to Last 2-3 Years

Correction: Graphics on this video indicate this recording took place on Jan. 14, 2008. This is in error. It was recorded on Jan. 14, 2009.

Complete video at: http://fora.tv/2009/01/14/Robert_Reich_2009_Economic_Forecast

Former Secretary of Labor Robert Reich predicts the economy will begin to turn around in "two or three years" with prudent federal investment, but warns that U.S. unemployment rates may rise significantly without "effective government action."

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As the economy nose-dives into a crisis of unknown depths, hear renowned economist and former Secretary of Labor Reich lay out his thoughts on what lurks around the financial corner in 2009.

Drawing on his years of experience both in and out of the political sphere, and sifting through the mountain of financial data, fiscal indicators, and government spin, Reich - who has been rumored as a contender for a position in the Obama administration - will cut through the hysteria and hyperbole to reveal where we're headed in '09 - The Commonwealth Club of California

Robert Reich is professor of public policy at the Goldman School of Public Policy at UC Berkeley. He served in three national administrations; his articles appear frequently in The New York Times and The Washington Post, and he is a commentator for American Public Media's Marketplace, heard on NPR.

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[vsnips]

Robert, your a racist sumbag

[Panpiper]

'Spending' is not the panacea of the economy. 'Savings' are every bit as much spending as anything else, except savings get spent by those who borrow the savings, specifically investment spending. The politics that emphasizes spending above all, effectively 'de'emphasizes investment. And we wonder why the economy is in a crisis. The current economic crisis is the result of absolutely fallacious economics by economists who don't know the first thing about economics.

[pmamae1]

In the words of Animal Mother "Flush out your head gear new guy". ...Your statement was correct back in Desert Storm Days when we were fighting Army vs Army, but Haji HAS infact blown up quite a few M1A1 Abrams in Iraq over the years. Especially in 2004-2005.

[BRYAN351]

pmamae1, the last time I heard, no M1A1 Abrams tank has EVER been destroyed in combat. The tank (as well as their crews) are just that damn good. This is why none have been replaced.

[rigoletto68]

Shiller NYT June 6th

"HOME prices in the United States have been falling for nearly three years, and the decline may well continue for some time. Even the federal government has projected price decreases through 2010. "

[macdogq]

well said.

[rigoletto68]

Bright man....good to hear the truth for a change...this type of media is banned form the mainstream news.........sad....

[MeBoReDsOiLoGiN]

Robert Reich is HORRIBLE!!! look him up and find out for yourself.

[phnixlady]

Absolutely. Firstly, no jobs! 2, It is hard to get in, new requirements, off-the-wall certifications in every tiny task, and ageism/racism are rampant here in CA. I would not need the certifications if I just got here, tho. Argh. l,p

[pmamae1]

I do not believe this war is "booming" the economy too much. Simple fact is that the current wars are "low-intensity" conflicts. They aren't like WWII where the nation is on a "total war" footing producing thousands upon thousands of tanks, ships, and trucks here at home. Most of the stuff these days gets refurbished. I do not believe a lot of stuff is getting replaced. There aren't any new M1A1 tanks getting produced to replace the ones haji is blowing up. The only profiteers are KBR, etc.